In the green: 70% of long-term holders are in profit as the bitcoin floor hardens

The amount of Bitcoin held by "conviction buyers" has surged by 300% since late 2025, reaching nearly 4 million BTC, valued at over $320 billion. This signifies a major shift of realized value into large, low-activity entities, including institutional investors and corporations like MicroStrategy. This accumulation trend, the largest two-quarter surge in high-conviction buying since the 2020 COVID-19 crash, effectively reduces the liquid supply available on the market, potentially creating a "supply shock." Research indicates that approximately 70% of recent buyers' Bitcoin supply is now in profit, acting as a psychological buffer against sell-offs and decreasing the urgency to exit positions during minor pullbacks. This trend suggests that the long-term scarcity narrative of Bitcoin is maturing into market structure, with increased institutional accumulation and ETF flows moving supply into conviction hands, potentially making future scarcity more visible during demand surges.

(Source：CoinDesk)